2024 WPC470 Law Final Exam With Answers (650 Solved Questions)

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WPC 470 Final Exam With Verified Questions & Answers Latest Updated 2024Which of the following statements about a flexible manufacturing system (FMS) is NOT true?a..Used properly, an FMS allows the firm to increase its effectiveness in responding tochanges in its customers' needs, while retaining low-cost advantages and consistentproduct quality.b.An FMS is a computer-controlled process that allows firms to produce a variety ofproducts in moderate, flexible quantities with a minimum of manual intervention.c.The goal of an FMS is to eliminate the "low cost versus product variety" trade-off that isinherent in traditional manufacturing technologies.d.An FMS allows a manufacturer to connect with its suppliers, distributors, and customers,which enables it to satisfy customer expectations in terms of product quality and deliveryspeed. - An FMS allows a manufacturer to connect with its suppliers, distributors, andcustomers, which enables it to satisfy customer expectations in terms of product qualityand delivery speed.Which of the following statements about a firm's resources and capabilities is true?a.All of a firm's resources and capabilities have the potential to be the foundation for acompetitive advantage.b.It is difficult to achieve and sustain a competitive advantage based on resources alone.c.As a source of competitive advantage, a capability must be exceedingly complex tounderstand and manage.d.When a resource is rare and valuable, it becomes a core competency. - It is difficult toachieve and sustain a competitive advantage based on resources aloneWhen examining the component of Future Objectives for a competitor analysis, which of thefollowing is NOT a question that is addressed?a.How do our goals compare with our competitors' goals?b.Where will emphasis be placed in the future?c.What is the attitude toward risk?d.What is our future break-even point? - What is our future break-even point?

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A _____ competitive advantage exists only when competitors are unable to duplicate thebenefits of a firm's strategy or when they lack the resources to attempt imitation.a.profitableb.temporaryc.rared.sustainable - sustainablePowerful customers can force a cost leader to reduce its prices, but not below the level atwhich the cost leader's:a.next-most-efficient industry competitor can earn average returns.b.least efficient industry competitor can earn average returns.c.next-most-efficient industry competitor can earn above-average returns.d.next-most-efficient industry competitor can earn below-average returns. - next-most-efficient industry competitor can earn average returns.A firm combines individual tangible and intangible resources to create:a.assets.b.capabilities.c.competencies.d.advantages. - capabilitiesThe main competitive advantage of a particular major U.S. technology firm is sourcing andprocurement of raw materials. This company is facing increasing competition on price and isstrongly considering outsourcing as a means of reducing costs. The LAST function this firmshould consider outsourcing is:a.operations.b.supply-chain management.c.research and development.d.distribution. - Supply chain managementWallingford Company is trying to determine optimal ways to collect and distribute knowledgethroughout the firm. This is an activity for which support function in the value chain?a.Human resourcesb.Financec.Management information systems

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d.Distribution - Management Information SystemsVendors across the country offer sunglasses that look virtually identical to those made byChanel, Prada, Gucci, and other luxury brands—including the trademark logos—but cost farless. These products are the result of:a.competition.b.imitation.c.counterfeiting.d.evolving consumer preferences. - counterfeitingJoAnn Tucker recently took over as Chief Executive Officer (CEO) of Burger-Rama, Inc.Burger-Rama has seen declining profits over the past five years and has struggled toremain competitive in the fast-food industry. In order to achieve strategic competitiveness,JoAnn must:a..conduct training programs and hire educated and experienced employees.b.invest in sophisticated technology in relevant knowledge areas.c.fire the current board of directors and start afresh.d.shift the company's focus to marketing and develop an extensive advertising campaign. -conduct training programs and hire educated and experienced employeesFirms failing to perform the value-chain activities and support functions in an optimummanner when implementing the _____ strategy become "stuck in the middle."a.cost leadershipb.focusc.differentiationd.integrated cost leadership/differentiation - integrated cost leadership/differentiationThe chief executive officer (CEO) and other top-level managers often involve other people todevelop the mission statement because:a.the mission deals more directly with product markets and customers.b.it is viewed as a task that can easily be delegated.c.the mission deals more directly with capital markets and shareholders.d.forming the mission is typically not the final responsibility of the CEO or other top-levelmanagers. - The mission deals more directly with product markets and customers

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A firm should outsource only activities where it:a.has the probability of developing core competencies.b.has developed the ability to innovate.c.cannot match up a value chain activity with a support function.d.cannot create value or where it is at a substantial disadvantage compared to competitors.- cannot create value or where it is at a substantial disadvantage compared to competitiorsWhich of the following strategies helps a firm concentrate on understanding its customersand their needs with greater clarity as a foundation for innovation?a.Market segmentation strategyb.Business model strategyc.Digital strategyd.Cost leadership strategy - Digital strategyWhen a firm earns below-average returns, it:a.is able to maximize the interests of all stakeholders.b.should reward those stakeholders who have the least power.c.should try to minimize the amount of support lost from stakeholders.d.should treat all stakeholders the same. - should minimize the amount of support lost fromstakeholdersWhich of the following statements about a firm's customers is true?a.Customers are the most obvious stakeholders, at least in U.S. organizations.b.Customers are part of its capital market stakeholders.c.Customers are more important than its other product market stakeholders.d.Customers prefer that investors receive a maximum return on their investments. -Customers are more important than its other product market stakeholders.Joplin Tires' corporate website states "Joplin Tires strives to be the top-selling tiremanufacturer in the United States." This statement is Joplin Tires':a.mission.b.statement of organizational culture.c.code of ethics.

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d.vision. - VisionWhen examining the Assumptions component for a competitor analysis, which of thefollowing is a question that is addressed?a.Do we assume the future will be volatile?b.How are we currently competing?c.How do we rate compared to our competitors?d.What are our strengths and weaknesses? - Do we assume the future will be volatile?Which of the following is NOT an implication of strategic groups?a.Because firms within a group offer similar products to the same customers, thecompetitive rivalry among them can be intense.b.The strengths of the five forces differ across strategic groups.c.The closer the strategic groups are in terms of their strategies, the greater is thelikelihood of rivalry between the groups.d.Strategic groups have less threats to each firm's profitability. - Strategic groups have lessthreats to each firm's profitability.Which of the following statements about determining which customer needs to satisfy is NOTtrue?a.In a general sense, needs are related to a product's benefits and features.b.Customers prefer to buy customized products.c.The most effective firms strive continuously to anticipate changes in customers' needs.d.The generalized forms of value that products provide are either high cost with acceptablefeatures or similar features with acceptable cost. - The generalized forms of value thatproducts provide are either high cost with acceptable features or similar features withacceptable costWhich of the following is an assumption of the industrial organization (I/O) model?a.Organizational decision makers are rational individuals who are committed to acting in thefirm's best interests.b.Resources and capabilities are not highly mobile across firms.c.Differences in firms' performances across time are due primarily to their uniqueresources and capabilities.

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d.The internal environment imposes pressures and constraints that determine the firm'sstrategies. - Organizational decision makers are rational individuals who are committed toacting in the firm's best interests.How firms integrate the activities they complete within each business-level strategydemonstrates:a.how they differ from one another.b.how profitable they will be.c.what their cost structure is.d.whether they will have the lowest costs. - how they differ from one anotherWhich of the following would be considered to be part of Seaside Bar & Grill's capital marketstakeholders?a.Shareholdersb.Customersc.Suppliersd.Employees - ShareholdersEach business-level strategy can help the firm establish and exploit a particular competitive_____ as the basis for how it will create value for customers within a particular competitive_____.a.advantage; scopeb.scope; advantagec.geographic area; marketd.cost; activity - advantage, scopeAmazon has capitalized on which dimension with customers in order to build customer-centric relationships?a.Reachb.Richnessc.Affiliationd.Pricing - richnessThe 2 major driving factors of Hypercompetition are - Global Economy and Technology.

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cost leadership strategy - producing standardized goods or services at costs belowcompetitors costsdifferentiation strategy - producing differentiated goods or services for which customersare willing to pay a price premiumVision - what we want to bemission - is why we existCapital market stakeholders - shareholders, major suppliers of capitalProduct Market Stakeholders - primary customers, suppliers, host communities, unionsorganizational stakeholders - employees, managers, nonmanagersA _____ describes what a firm does to create, deliver, and capture value for itsstakeholders.a.business modelb.strategic planc.business-level strategyd.corporate-level strategy - business modelIf a firm does not have core competencies in an area required to achieve a competitiveadvantage, it must:a.change its product line.b.acquire the resources needed to build those competencies.c.analyze the internal organization to identify strengths.d.analyze the internal organization to identify weaknesses. - acquire the resources neededto build those competencies.All of the following are ways that firms develop and use total quality management (TQM)systems EXCEPT

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a.to increase customer satisfaction.b.to cut costs.c.to reduce the amount of time required to introduce innovative products to themarketplace.d.to achieve competitive advantage. - to achieve competitive advantage.Which of the following is an assumption of the resource-based model?a.Resources and capabilities are not highly mobile across firms.b.A firm's performance across time is due primarily to the industry's structuralcharacteristics rather than to the firm's unique resources and capabilities.c.Most firms competing within an industry or within a segment of that industry are assumedto control similar strategically relevant resources and to pursue similar strategies in lightof those resources.d.Organizational decision makers are assumed to be rational individuals who are committedto acting in the firm's best interests, as shown by their profit-maximizing behaviors. -Resources and capabilities are not highly mobile across firms.Which of the following countries is most ethnically diverse?a.Japanb.Germanyc.Ugandad.South Korea - UgandaWhich of the following is a typical risk for a firm that uses the cost leadership strategy?a.Excessive differentiation causing the customer base to become too smallb.Loss of customer loyaltyc.Production and distribution processes becoming obsoleted.Inability to balance high differentiation with low price - Production and distributionprocesses becoming obsoleteWhich of the following statements about an organization's stakeholders is true?a.Not all organizations have stakeholders.b.Stakeholders have enforceable claims on the firm's performance.c.All stakeholders have the same level of influence in an organization.

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d.Stakeholder relationships are important but cannot be a source of competitive advantage.- Stakeholders have enforceable claims on the firm's performance.Core competencies are often visible in the form of organizational: - functionsQuality Construction Supply is a building materials provider headquartered in easternCanada. The firm's leadership team has recognized that intense rivalry in the region ishaving a negative impact on the firm's growth and profitability. What is the primary reasonbehind the firm's decision to acquire a similar building materials supplier serving thenortheastern United States?a.Acquiring another firm serving a different market will allow Quality Construction Supply toovercome barriers to entry in another country.b.Reducing the firm's dependence on the eastern Canadian market will reshape the firm'scompetitive scope.c.Acquiring another firm serving a different market will give Quality Construction Supplyaccess to capabilities it lacks.d.Reducing the firm's dependence on the eastern Canadian market will help avoid a hostiletakeover. - Reducing the firm's dependence on the eastern Canadian market will reshape thefirm's competitive scopeTamBoats makes small, personal submarines. Another firm created an innovative tool thatcan be stored in a small space. Which of the following can TamBoats use to quickly developits own tool with similar characteristics?a.Review its own products.b.Establish a competitive advantage.c.Research.d.Reverse engineer the product - reverse engineer the productWhich of the following companies simultaneously creates economies of scope through bothoperational and corporate relatedness?a.Procter & Gambleb.Amazonc.Virgin Groupd.Honda - Amazon

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What is a critical element for developing and managing technology-based capabilities whileusing strategic alliances?a.Establishing proper rollout procedures for the technology between partnersb.Establishing profit performance measures between partnersc.Establishing trust between partnersd.Flowcharting the new technology between partners - Establishing trust between partnersWhich of the following statements about a global strategy is true?a.The global strategy offers fewer opportunities to take innovations developed at thecorporate level and apply them in other markets.b.Compared to a multidomestic strategy, the global strategy seeks greater levels ofstandardization of products across country markets.c.The global strategy is difficult to use because of its conflicting goals.d.A global strategy is most appropriate for use when the differences between the markets afirm serves and the customers in them are significant. - Compared to a multidomesticstrategy, the global strategy seeks greater levels of standardization of products acrosscountry markets.Acquisitions made between companies with headquarters in different countries are called_____ acquisitions.a.cross-borderb.transglobalc.vertical nationd.cross-cultural - cross-borderA _____ specifies actions a firm takes to gain a competitive advantage by selecting andmanaging a group of different businesses competing in different product markets.a.competitor analysisb.competitive responsec.corporate-level strategyd.competitive rivalry - corporate-level strategy

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Poole Company recently acquired Carroll Inc. The two firms did not have identical assets, butthey are complementary in unique ways. This makes it possible for them to generate:a.private synergy.b.overdiversification.c.resource slack.d.due diligence. - Private synergy_____ integration exists when a company owns its own source of output distribution.a.Backwardb.Forwardc.Sidewaysd.Horizontal - forwardOf the five entry modes, which is often the quickest means for firms to enter internationalmarkets?a.Licensingb.Strategic alliancec.Exportingd.Acquisition - acquisition_____ refers to the absence of direct links between businesses.a.Linklessb.Unrelatedc.Unconstrainedd.Low-level - unrelatedWhich of the following statements regarding the allocation of capital is true?a.External investors receive full information regarding current performance and futureprospects of a business.b.Businesses seeking capital are not required to provide information to potential suppliers.c.External sources of capital have a limited ability to understand the operational dynamicswithin large organizations

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d.External shareholders have access to information and therefore receive full and completedisclosure. - External sources of capital have a limited ability to understand the operationaldynamics within large organizationsCreating operational relatedness is achieved by:a.transferring core competencies.b.sharing activities.c.gaining market power.d.multipoint competition - sharing activitiesResearch has found that being a first mover is often critical to a firm's success in industriesthat have:a.many competitors.b.slow-cycle markets.c.short product life cycles.d.limited resources. - short product life cyclesAs a driver of competitive behavior, ability refers to:a.a firm's understanding of the consequences of its competitive actions and responses.b.each firm's resources and the flexibility they provide.c.competing firms' level of market commonality and resource similarity.d.a firm's incentive to take action or to respond to a competitor's attack - each firm'sresources and the flexibility they provide.Which of the following is believed to be the strongest determinant of whether a merger or anacquisition will be successful?a.The integration processb.The level of relatedness of the two businessesc.The ability of the firms to achieve synergyd.The type of diversification strategy chosen - the integration processWhich of the following is NOT an expected outcome of a management buyout?a.Improved performanceb.Downscoping

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c.Increased strategic focusd.Downsizing - downsizingWhich of the following approaches to differentiation would present a high-end, luxuryhandbag and footwear designer with the best opportunity to differentiate itself fromcompetitors?a.Responsive customer serviceb.Technological leadershipc.Perceived prestige and statusd.Rapid product innovations - Perceived prestige and statusWhich of the following is an assumption of the industrial organization (I/O) model?a.Organizational decision makers are rational individuals who are committed to acting in thefirm's best interests.b.Resources and capabilities are not highly mobile across firms.c.Differences in firms' performances across time are due primarily to their uniqueresources and capabilities.d.The internal environment imposes pressures and constraints that determine the firm'sstrategies. - Organizational decision makers are rational individuals who are committed toacting in the firm's best interests.According to your text, forecasting demand for new technological products is difficultbecause:a.the market for technology is extremely volatile.b.the market for technology is extremely competitive.c.technology trends are continually shortening product life cycles.d.technology trends fluctuate considerably - technology trends are continually shorteningproduct life cycles.Which of the conditions that characterizes difficult managerial decisions concerningresources, capabilities, and core competencies results from the interrelationships amongconditions shaping a firm?a.Complexityb.Uncertainty

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c.Intraorganizational conflictd.Judgment - complexityIn order to gain insights from which to select strategies, the firm needs to match what it_____ do with what it _____ do.a.can; cannotb.might; must notc.should; willd.can; might - can, mightResources have a greater likelihood of being a source of competitive advantage when:a.they are tangible in nature.b.they are intangible in nature.c.they are integrated to form a capability.d.they are implemented by top management. - they are integrated to form a capability._____ is the set of data and information the firm gathers to better understand and anticipatecompetitors' objectives, strategies, assumptions, and capabilities.a.Rules of engagementb.Competitor intelligencec.A SWOT analysisd.Complementor analysis - competitor intelligenceA company can earn above-average returns only when the value it creates is:a.equal to the costs incurred to create that value.b.less than the costs incurred to create that value.c.greater than the costs incurred to create that value.d.both rare and substitutable. - greater than the costs incurred to create that value.People buy products from Soco Outfitters because it is a brand name they know and trust.Soco's costly-to-imitate capabilities arise from:a.an ambiguous cause.b.social complexity.c.a historical source.

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d.interpersonal relationships. - a historical sourceCore competencies are often visible in the form of organizational:a.functions.b.value.c.culture.d.symbols. - functionsOutsourcing allows a firm to nurture a smaller number of capabilities, which:a.increases the potential loss in its ability to innovate.b.decreases opportunities for competitive advantage.c.decreases the loss of jobs within the firm.d.prevents the firm from becoming overextended. - prevents the firm from becomingoverextended.RXL and NuVal are two major telecommunications companies. They are in advanced talks forRXL to acquire NuVal, and RXL has hired an investment bank to exclusively complete the due-diligence process. RXL's acquisition performance will likely _____ because of this decision.a.not be affectedb.increasec.decreased.fail - decreaseManaging the business units of a geographically diverse multinational firm requires skill, notonly in managing a _____ set of businesses, but also coordinating _____ points of viewemerging from businesses located in countries and regions.a.decentralized; diverseb.centralized; diversec.centralized; analogousd.decentralized; analogous - decentralized, diverseYour small company makes a product that your European cousins believe will be popular intheir country. You have no foreign manufacturing expertise, but you can manufacture the

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